The Social Security Administration (SSA) has announced that the cost-of-living adjustment (COLA) for 2024 will increase by 3.2%. This increase will positively impact Veteran benefits, retirement payments, and other government disability payments.
In this article, we will be specifically speaking about VA disability benefits.
What is COLA and how does it relate to Veterans?
In simple terms, the COLA is a measure used to adjust VA disability pay rates and other government benefits to account for inflation. The SSA calculates the percentage increase in the Consumer Price Index for Urban Wage Earnings and Clerical Workers (CPI-W), which measures changes in the prices of goods and services over time. This is used to determine the COLA for the upcoming year and the value of VA benefits and disability pay.
It is important to note that the finalized COLA rate will be announced on December 1, 2023.
However, this is what Veterans could expect in 2024:
No Dependents:
| Rating Percentage | Compensation |
| 10% | $171.23 |
| 20% | $338.49 |
Without Children:
| Dependent Status | 30% | 40% | 50% | 60% |
| Veteran Alone | $524.31 | $755.28 | $1,075.16 | $1,361.88 |
| Veteran with Spouse Only | $586.31 | $838.28 | $1,179.16 | $1,486.88 |
| Veteran with Spouse & One Parent | $636.31 | $904.28 | $1,262.16 | $1,586.88 |
| Veteran with Spouse & Two Parents | $686.31 | $970.28 | $1,345.16 | $1,686.88 |
| Veteran with One Parent | $574.31 | $821.28 | $1,158.16 | $1,461.88 |
| Veteran with Two Parents | $624.31 | $887.28 | $1,241.16 | $1,561.88 |
| Additional for A/A spouse | $57.00 | $76.00 | $95.00 | $114.00 |
| Dependent Status | 70% | 80% | 90% | 100% |
| Veteran Alone | $1,716.28 | $1,995.01 | $2,241.91 | $3,737.85 |
| Veteran with Spouse Only | $1,861.28 | $2,161.01 | $2,428.91 | $3,946.25 |
| Veteran with Spouse and One Parent | $1,978.28 | $2,294.01 | $2,578.91 | $4,113.51 |
| Veteran with Spouse and Two Parents | $2,095.28 | $2,427.01 | $2,728.91 | $4,280.77 |
| Veteran with One Parent | $1,833.28 | $2,128.01 | $2,391.91 | $3,905.11 |
| Veteran with Two Parents | $1,950.28 | $2,261.01 | $2,541.91 | $4,072.37 |
| Additional for A/A spouse | $134.00 | $153.00 | $172.00 | $191.14 |
With Children:
| Dependent Status | 30% | 40% | 50% | 60% |
| Veteran with Child Only | $565.31 | $810.28 | $1,144.16 | $1,444.88 |
| Veteran with Spouse and Child | $632.31 | $899.28 | $1,255.16 | $1,577.88 |
| Veteran with Spouse, One Parent and Child | $682.31 | $965.28 | $1,338.16 | $1,677.88 |
| Veteran with Spouse, Two Parents and Child | $732.31 | $1,030.28 | $1,421. 16 | $1,777.88 |
| Veteran with One Parent and Child | $615.31 | $876.28 | $1,227.16 | $1,544.88 |
| Veteran with Two Parents and Child | $665.31 | $942.28 | $1,310.16 | $1,644.88 |
| Add for Each Additional Child Under Age 18 | $31.00 | $41.00 | $51.00 | $61.00 |
| Each Additional Schoolchild Over Age 18 | $100.00 | $133.00 | $167.00 | $200.00 |
| Additional for A/A spouse | $57.00 | $76.00 | $95.00 | $114.00 |
| Dependent Status | 70% | 80% | 90% | 100% |
| Veteran with one Child (no spouse and no parents) | $1,813.28 | $2,106.01 | $2,366.91 | $3,877.22 |
| Veteran with Spouse and Child (no parents) | $1,968.28 | $2,283.01 | $2,565.91 | $4,098.87 |
| Veteran with Spouse, One Parent and One Child | $2,085.28 | $2,416.01 | $2,715.91 | $4,266.13 |
| Veteran with Spouse, Two Parents and Child | $2,202.28 | $2,549.01 | $2,865.91 | $4,433.39 |
| Veteran with One Parent and Child | $1,930.28 | $2,239.01 | $2,516.91 | $4,044.48 |
| Veteran with Two Parents and Child | $2,047.28 | $2,372.01 | $2,666.91 | $4,211.74 |
| Add for Each Additional Child Under Age 18 | $72.00 | $82.00 | $93.00 | $103.55 |
| Each Additional Schoolchild Over Age 18 | $234.00 | $267.00 | $301.00 | $334.49 |
| Additional for A/A spouse | $134.00 | $153.00 | $172.00 | $191.14 |
Please note this is an estimate of what you can expect. This page will be updated with the official numbers once the final announcement is made on December 1st.
Do I qualify for VA disability benefits?
Not sure if you qualify? You can get a risk-free consultation with Veteran Ratings who can evaluate your service-connected disabilities and see if you are eligible.
Give us a call or fill out our form to speak to a Veteran Ratings representative!
